Together, the competing chipmakers had 2016 revenue of $ 14.77 billion from mobile chips, compared to Intel’s $ 327 million in the same segment.

Intel’s total adjusted revenue, most of which is from processing hardware not for mobile, was $ 62 billion in 2017. A combined Qualcomm-Broadcom company could theoretically create the third-largest chip company by revenue.

For now, Intel is likely safe from any new international competition, at least until Wall Street fully processes all the ramifications from Trump’s citing of national security to block the merger.

“This decision hangs a huge ‘not-for-sale’ sign on just about every American semiconductor firm,” Scott Kennedy, deputy director and chair of China studies at the Center for Strategic & International Studies in Washington, told Bloomberg News. “A Chinese entity doesn’t need to be anywhere near a transaction now in semiconductors for the deal to be nixed.”

Trump has now blocked a total of nine takeover attempts by foreign companies, mostly from China, according to data compiled by Bloomberg.